Wednesday, July 20, 2011
President Obama backs 'Gang of Six' deficit plan: Best Deficit Reduction plan so far
Glad to see President Obama finally show some leadership and take some action on the Deficit Reduction and Debt Ceiling issue. And actually come out in favor of a plan, the plan introduced by the "Gang of Six" in the Senate a Bi Partisan group of Senators led by Sen. Kent Conrad Chairman of the Budget Committee and Sen. Tom Coburn a very iimportant Republican Senator and Fiscal Conservative. This plan closes Tax Loopholes, cuts Military Spending but in a strategic way. But it sorta punts on the Tax Cuts for the wealthy and Entitlement Reform, where we could save hundreds of billions of dollars every year without hurting anyone. But apparently this is a 4T$ Deficit reduction plan over ten years, with serious Budget Cuts and Revenue Raisers. And if this were to come true, would get our Federal Debt and Deficit under control and I believe be a jump in the economy and strengthen our dollar. Which would also be a boost to the Stock Market. Not the plan that I would've written, because it does nothing on the Tax Cuts for the wealthy, Entitlement Reform or closing some of our Foreign Bases in Developed Countries that can afford to defend themselves. That we can no longer afford to defend with our debt situation and our own Foreign Policy issues. We'll have another opportunity within a year or so to save an additional hundred billion dollars a year to pay down our debt and deficit. By bringing our troops home from Afghanistan and Iraq, knock on wood as the saying goes. This is a hell of a lot better then the McConnell Punt from the Senate Minority Leader or Crap Carry and Bounce from the House Tea Party. And it shows that there are still some Members of Congress, at least in the Senate. That understand the debt issue, what needs to get done and which is as important. What can pass at least in the Senate and if the House GOP ever wakes up, what should be able to pass in the House as well. Because both sides will be giving up plenty to get plenty in return, Budget Cuts and Revenue Raisers, without having to make tough political choices on Entitlement Reform and Tax Hikes on the wealthy. Which is why this wouldn't of been the plan I would've written.
If I had to coin this Deficit Reduction and Debt Ceiling plan, I would call it The Comeback Drive, that got us back in the game so to speak. And bought Congress and the White House more time to deal with the tougher issues to win the game. And I'm done with sports analogy's, at least football for this blog. Its that time of year.